Startup business queries

backspacer

Hi,

Have been a long time lurker of this section of the boards universe and finally decided to ask you good people for some advice.

Basically I started a home computer repair business last year and thought i would test the waters with what sort of demand would be there. It was a night job outside of my normal work hours and paid some of the bills.

Between one thing and another i let the business slide due to a new family arrival and am now finally getting back to relative normality. I want to get back into repair work but have a few queries which i hope you could help me with.

My main concern is declaring income, i thought about it and am considering simply doing self assessment, but am unclear on the general process for it. Is it simply a case of declaring the additional income and allow the revenue calculate the tax owed or do i submit the tax to be paid myself? Also does my regular day job tax get sorted by the company that i work for themselves?

I know they may seem like silly questions but sometimes when i go to the revenue offices to chase this up, i often come out more confused than when i went in. So am asking my fellow boardsies here to try and help me get my head around this.

aristotle25

Plenty of threads already about self-employed income and how to do it.

Main recommendation is talk to an accountant as you will probably need one for the accounts, expenses, option for pension contribution to minimise tax bill etc.